015 - The Value Of Having an Estate Planning Attorney with Kanoa Ostrem

Estate Planning attorney, Kanoa Ostrem, discusses the importance of managing your estate. He outlines why you should know where your assets are going, whether they will pass through probate, and who will be in charge of carrying out your wishes.

Transcript

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We talk about everything that intersects, and it relates to the areas of family law divorce.

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I am Lani Akiona, and today my guest is Kanoa Ostrom and Kanoa is in a state planning attorney, and that means he creates wills and trusts welcome to the show

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Kanoa. Thank you very much. Glad to be here. and Kanoa is based in Seattle, Washington, and kind of why don't you tell us, How did you get into the world of estate planning?

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And did I say it correctly? Where estate planning needs you, create will and trust documents?

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Yes, that's correct. Yeah. So the one class that I really liked in law school was Wills wills and trust.

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And so that was the class that I thought, Okay, this is something that I could do.

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So I kind of talk to my professor a lot and figured out how to get into this practice area and what it meant, and that led to me applying to the University of Washington Law School to get into Llm.

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In tax, which is a tax degree that you get after law school. Wow!

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So you got. So you went to law school right, which is like 3 years. And then after that you got another degree after law school. I did.

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Yeah, it was painful, plus your textbook. textbooks are the internal revenue code and the regulations.

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Oh, my gosh! it's pretty dry but it's a good background for what I do, although most people don't really have as State tax issues.

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It's good to have that background as well and so your llm again wasn't what it was in tax tax.

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Yeah, okay, okay, and so that's your degree about after law school, and you're originally from where from Hawaii or boy.

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And then. So you're up here in Washington you get your llam. and you're on your own right now, right?

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Yeah. but I got hired from that llm program directly into, like one of the busiest boutique estate planning firms in downtown Seattle with like 10 attorneys doing just a state planning

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for lots of high-end high net worth families and middle class families as well, worked there for a few years, then moved over to the big.

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This law firm in town ultra-high net worth clients.

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But just wanted to work more with middle class families that I felt were being underserved because of the fees at a big firm.

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So I opened my own firm about 16 years ago. and i've got 3 employees, including one attorney and a paralegal, and we do just to state planning, you know.

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So we see a lot of people do. lots of plans wills, trusts, powers of attorney health care directives all that stuff.

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Okay, so will's trust health care directives and power of attorneys Okay.

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Got it so in terms of Why, is Why isn't it I guess. let's just start with the basic Why is it important to have a will document drafted?

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Yeah, So every adult in Washington should really have medical power of attorney, that's the person who makes your medical decisions.

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If you're unable to you know if you're in an accident, and somebody needs to be able to authorize his surgery under hit by that can be very difficult if there's no written authorization so you want to

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have a written document. A medical pirate attorney is the easiest way to do that.

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You just get that done. name your trusted person. whether it's a spouse, friend, family member, to make medical decisions, and you want to have a financial power attorney as well.

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That's the person who would pay your bills if you're alive, but incapacitated.

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You know, just in case. and then, yeah, everybody should have a will if you're an adult.

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You should have a will and it's important to have a will first of all, to make sure the right person is in charge of something happens to you right.

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I don't want it to be left in limbo where somebody has to go to a judge to have somebody nominated to be come.

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Your executor right? You want it to be just very easy.

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You have a good will, the right person's name to be in charge.

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They can be appointed without anybody ever having to go to court, and then they can carry out your wishes that are laid out in your will.

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When when you have to go to court and the quarter point someone what's that Cross is called it's just an intestate probate, which just requires more work you know if all the family can come to an agreement and

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it's a simple fact pattern sometimes you don't have to go to actually go in front of a commissioner for that.

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But the if there there is any you know uncertainty then Sometimes it just becomes a lot harder to get to get through the process, and it's just so much easier when you have things in writing it.

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It just doesn't take that long to get documents done So my my late person view is this: If you have a will, then you there's a clear definition of who gets what and who's in charge of the state but if you don't

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have a will, then that means you have to go to probate court you don't know what's going to happen, and doesn't that ultimately cost the family more money.

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It cost more money, and then it's sometimes the money goes to the wrong person right?

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It might go to your parents, and your parents are on Medicaid.

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And so that was a mistake. You know you wanted it to go to your partner.

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But you're not married so your partner doesn't automatically inherit, and said, it's going to go to your parents.

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So by default, and you just disqualify them from getting Medicaid. And you know the money is going to the wrong person.

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And if you have kids obviously that's the most you know that's why people oftentimes are motivated to have wills, you don't want your kids to inherit everything when they're young right you want it to be held in

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a trust. So you can have a will very simply say there's going to be a trust setup for my kids upon my passing.

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And here's the this is the dress and justice for health care and education, but not for retirement at age.

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18. Okay, So then, would you have? Would you have the So the person in charge of your State?

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When you pass this call the executor, right? We And we actually use personal, personal representative Washington.

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Okay, So would you recommend people to use the same personal representative for your will to be the same person in charge of the trust for your kids.

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It's usually the same person serving both as personal references, trustee, and then also your finest power of attorney.

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Those are all very similar jobs generally who would you trust to manage money you know. they don't have to be like Cpas or financial advisors.

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They don't have to be really sophisticated they have to be trustworthy and smarter enough to be smart enough to get some help.

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But the main thing is that you want somebody that you trust is going to do the right thing for you and your heirs.

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Okay, and in terms of why, No, I know, you know, with with Google, and just a lot of do it yourself.

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Type of things I know I know there's a lot of do it yourself.

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Type of wills What what's the missing on a do it on a Do it yourself.

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Type of wells versus using a will attorney.

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But yeah, do it yourself. will works great if you're single and you don't have kids.

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Okay, that's just fine, because then you're not setting up a trust for your children with nuances.

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You're not having to worry about tax planning setting up a trust for your spouse.

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So seeing people, you can buy all I mean. Use a program.

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It still requires some time to go through that process.

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May or may not be free. You need to get witnesses in a notary, so you know, hiring an attorney makes it a lot easier even for a single person is now walk you through the process.

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They'll take save you a lot of time and then be your witnesses and your notary.

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So that you know it's done properly Oh, I get it. I get it because for a will document to be effective in the State of Washington it needs to be signed by 2 witnesses and the whose signature needs to be

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notarized the witnesses signatures that's you You really need 2 witnesses in a notary or 2 notaries serving as witnesses that look that will notarize each other's signatures so it's a little

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bit of a little bit of a hassle right now to get it.

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It's signed and then if you know if you if you have children.

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You probably want to have an attorney draft the trust.

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You know the boiler plate documents you find online oftentimes leave your kids there inheritance when they reach 18 or 21.

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You know. There, those companies are not comfortable, drafting longer, lasting trust, whereas we find our clients when they hear about it. they say, Oh, yeah, I like the idea of a trust that lasts beyond age 21 I like the idea.

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Of a trust that says, you know, if my kids are young up until 18, cover whatever they need.

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Be generous, but between 18 and 30 for example let's be kind of strict want to cover health care and education and help with a down payment in a house, maybe a certain amount for travel, a certain amount towards a wooden and just being you know having

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that trust lasts longer making sure you're not gonna ruin your kids with too much too soon, because people don't realize, like if you factory in your life insurance your kids would have a lot more money than you do even though even if you

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feel like you don't have much money you might have $300,000.

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Equity in your house, and 300,000 300,000 in your Ira and a $500,000 term life insurance policy.

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Now that's a $1,000,000 to an 18 year old and you want you want to make sure that's really locked down.

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Yeah, that's just blowing my mind right now in and It involves my not my mind, because I mean you you did my will and trust for me.

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My husband and our boys, and even right now all honestly so blankly, I don't remember how long it it goes for.

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But even with you talking about like we have life insurance and it's like yeah, that's right.

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That's that's Why, we got it done because we don't want our kids to just be in this whole huge sum of money, and they just blow it on stupid things as we know 18 year olds maybe 10 may tend

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to do that's for sure. and even even great kids you know more, not spend thrifts, do everything right?

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Yeah, the mistake, the mistake they often make is they go and have somebody invest for them. they say, Oh, will you guarantee my real estate project? Hmm.

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And and help me help fund this real estate project i'm gonna flip this house or yeah, i've got this great idea and not to say all cryptos bad. But maybe they get talked into a really bad crypto

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investment. And so all the investment goes the wrong way.

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So just even bad investment decisions, even from a good person who's not an expert that that tends to be just as big of a problem as like someone buying a Ferrari and having drug parties that's it Yeah, that's

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a great analogy. I get what you're saying so in terms of when when you're divorcing when you're divorcing, let me ask you this if a spouse is divorcing would you tell that person yeah, why don't you

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go ahead and get a will done now, like or do you do you even have people come to you in that type of situation?

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Yeah, absolutely. If you are planning on getting divorced it's important to update your documents soon as you can, because until the divorce, your spouse is likely still your beneficiary, likely still your trustee personal representative

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the, and so everything might be going to the person you You you like the least in the world.

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So unfortunately, you may have to come up with a quick will as you're going through the process.

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You know, once you're. divorced automatically your spouse becomes disinherited, and it's no longer fiduciary. so that avoids things. But there's that time period right divorces are not immediate and so

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in the interrupt. Sometimes you've got to get a quick will together to cover that time period.

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Right cause, even if you don't I mean the way the way the community to properly the way the community property laws work in Washington State.

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If you don't have a will and you're going through divorce you, if you happen to pass your spouse, is going to get everything, because, as you said, the divorce isn't finalized, you have they're not automatically

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disinherited without a will skating, otherwise your spouse gets it.

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And now that I think about that's actually happened twice in in 2 situations where clients passed and their surviving spouse got to everything because there wasn't alternatives but in the day scheme of things they actually had they had a child together,

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so it's, goes to the surviving spouse it goes subsequently to the child support for the child.

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So. yeah, that that's a good point and I always tell people, too.

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Once the divorce is finalized. if once the divorce is finalized.

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If they do have a will, it it's always good planning just to update it.

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Anyway, even though the spouse is automatically disinherited you still don't want a will giving things to your spouse.

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Yeah, and i've had the opposite happen, a few times too, i've had it happen where someone died during the divorce, and the money goes to the wrong place, or it or you know or whether they would rather have had to go to a

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trust to make sure that they're ex spouse doesn't remarry, have other money go to this entire other family and their kids get disinherited right?

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So you want to be careful of that but also i've seen it where it's an amicable divorce, and the spouse doesn't really want to disinherit their x they say look I don't plan on remarrying if I died

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I don't want to leave a trust for my for my X.

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And I want my then that trust will go on to our kids as we've agreed, and that was our plan all along.

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But they don't get around to updating their plan yeah yeah, So inadvertently, the ex spouse is disinherited because automatically you get cut off from each other.

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So not always cutting each other out. Sometimes you you wanted the plan to stay in place, but you inadvertently rule your plan.

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Okay, that's that's that's that's a little bit.

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Let me. let me see if I got this right here so you're saying, Okay, chemicals divorce right me and my husband.

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We have an amicable divorce I don't we're divorced.

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I don't want to disinherit him because I just like the way everything is set up, and we have a trust for our kids.

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But because we're divorced he's automatically disinherited, anyway.

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So if I wanted him back in that I have to do a new will.

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Say my former spouse is my beneficiary. Yeah.

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Okay. and so because sometimes that's the best thing for the kids right is that their parent would have the funds to raise them, and that the money wouldn't be going right to the kids.

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So now that you've got trust trust fund kids right Sometimes it's better off for your own children to leave money and trust for your for your ex spouse.

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If there are, you know they're their parent Oh, I know so like you're saying like me, and my husband Ray, we have our ch press set up, and so, if we were to get divorced amicably knock on wood

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there because my husband would kill me. Well not let her, really, if I wanted my husband to.

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So technically. if we were to get divorced we're like we disinherited each other, we can't be our kids trustee.

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So for us to be our kiss Trustees, We need to come back to you and say, Hey, Canoa!

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We divorced. We want to make each other our trustees of our kids in case the other passes right?

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Yeah, Exactly. Okay, all right, see this will't trust stuff. I mean this is why I mean, thank God you got the Llm. But you know one thing I want to talk about, and we just you know you talked about getting the Lom.

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In terms of taxes. How does How does that knowledge of taxes help people in a State planning?

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Because I think that's what is we as simple lay people miss does that come warmer to play with like the 1,000,000 plus estates, thinking of the different task considerations and things you can set up yeah taxes.

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It's important to be you know most people think i'm not rich.

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I'm not a millionaire I would i'm not worried about taxes plus the estate tax exemption is $12,000,000 per person. Hmm! Well, that's that's the Federal estate, tax.

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And so, yeah, these days will only pretty wealthy people really have to worry about Federal estate taxes and trying to minimize those taxes.

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But the Washington estate tax actually impacts a lot of people that exemptions only 2.2,000,000 per person. and I know i'm saying, only only 2.2,000,000.

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But you know, with life insurance counts the equity in your home.

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Retirement accounts, you know. Maybe you inherit some money.

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A lot of people are pushed over 2.2,000,000 even though they don't feel like they're wealthy.

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They don't realize they actually have a taxable estate so you need to know.

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Yeah, You need to have a will that's going to minimize that tax by leaving the appropriate trust to your spouse or partner.

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It's pretty easy to get around the taxes if you just are setting up your wills.

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The right way. So what if you So if you had a state that was 2 point, 3,000,000.

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What What is a tax liability on that if you don't get it set up properly.

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It only starts at 10%. Okay, maximum rate, of 20%, you know, especially in the Northwest. these days with real estate values going up, you know. It's so common that I meet someone who they feel like they don't really have much

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money, but they Their house is now worth 1.2,000,000 right and they each have $1,000,000 of term life insurance, and they have 750,000 saved up in retirement, and they think we're not millionaires But

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I say? Well, actually you know the state of Washington is going to call you a millionaire if you die and you don't have a Will you add that up?

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That's you know. 3. and a half $1,000,000 only 2.2,000,000 is going to go tax-free if you don't have a goodwill.

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Okay, So you're your kid's gonna needlessly pay $200,000 in tax.

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Wow! it shrugged at that, and say, Oh, well, but you know, people work hard to save 200,000, and there's an easy fix. right?

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You have a will that just says, if I die, my share of the estate goes into a trust for my spouse.

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Well take care of she's the trustee she's the beneficiary.

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So she has access to the money, but she doesn't directly own the trust assets.

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So when she dies they're not subject to a state tax. So that very simple thing in your wills can allow 4.4,000,000 to pass tech free instead of just 2.2,000,000.

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Oh, my gosh! I I don't know but if everybody out there!

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But my mind is just blown right now. because yeah, you know, I get it.

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I get it. How you know there's there's a There's a home that my husband and I had had sold, I think, back in like 2,009.

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We sold that home to buy this current home, and I think we sold it for like 750, or something like that, and it just sold again.

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And now It's worth 1.1,000,000 or something like that. and you and so I get what you're seeing where you could have your home with this crazy market that's valued at 1.1 junior spouse could have term have life

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insurance policies worth $500,000. So boom!

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Now you're right there. 2.1 you've got retirement accounts of, you know, who even knows 300,000 or whatever.

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And now you're just pushed over that 2.2,000,000 threshold, and I wouldn't want it to me.

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$200,000 is $200,000 like I would.

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Why would I want that going to the State of Washington and some of my beneficiaries?

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It. Just yeah, it makes sense, and I know it wow I mean $200,000 is a lot.

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So that's why it's very common these days people who really think it through and go through the process end up leaving a trust for their spouse to save on those taxes.

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But also to make sure that if your spouse remarries that trust won't accidentally go to stepdad or step, Mom.

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Yeah, it's very good acid protection to leave your spouse a trust, because then that money's only going to benefit your surviving spouse, and then your children, or whoever the remainder beneficiaries that you picked are it's

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not going to go to this new family that you didn't intend to benefit.

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That is still true. My husband always, you know my husband tells our boys.

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Hey, sons, if I pass make sure your mom doesn't and give her money to her new husband, and I tell him, hey?

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Come on. i'll do a pre number right don't worry about it.

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You know what you know what to do. you're uniquely situated to to plan for that.

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But a lot of people find a lot of comfort in knowing pretty easy to protect your estate from from that happening.

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And then a a marital trust can also be protected.

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The surviving spouse is ever involved in a lawsuit.

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So if your spouse is a doctor, yeah, or journey or drives a lot, you know anything that is a potential liability that can be protected with miracle.

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Trust, and you know aside aside from the big benefit. if you have kids, and you want a set of protress to protect the assets to your kids, especially if you pass and your spouse remarries you want to make sure the news spouse doesn't get

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on the asset. But let's just say we have spouses just a couple and no kids wouldn't you still want your assets to be in a trust, because if the marriage a community gets sued that trespassy asset you could

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put the home in it. Very yeah, right, it's very good acid protection for the surviving spouse to have that mayoral trust lawsuits remarriage, and then make what if you end up in a nursing home

00:21:57.000 --> 00:22:03.000

someday. Yeah, trust can become a special needs trust which would be protected from a Medicaid.

00:22:03.000 --> 00:22:10.000

Spend down. So even if you don't have a larger state, sometimes you want to have that parallel. trust even if you don't care about a State tax is a remarriage, you say, hey?

00:22:10.000 --> 00:22:24.000

I saw what happened to my mom. She spent all of her money in a nursing home, and we didn't inherit anything because she had to get down to $2,000 while a trust can be a special needs trust which does not have to be

00:22:24.000 --> 00:22:36.000

spent down to Oh, my gosh! I mean my mind just got blown again, because how many times I've seen that happen right where you have to spend all the money down of your of your of that parent!

00:22:36.000 --> 00:22:41.000

So you can get, they can qualify, and if you had a special needs trust, you would need to do that.

00:22:41.000 --> 00:22:44.000

And then that parents assets are protected, and then you can inherit.

00:22:44.000 --> 00:22:48.000

Okay, I now I gotta check to see if my mom has a setup.

00:22:48.000 --> 00:22:57.000

No, my mom has no assets. but if she did I would come to you, and i'll be like, hey? set her up with a special needs trust.

00:22:57.000 --> 00:23:01.000

I want my inheritance protected for Medicaid.

00:23:01.000 --> 00:23:06.000

Oh, my goodness! courageous! I love talking to you.

00:23:06.000 --> 00:23:09.000

I just always learned so much it's just so nuanced.

00:23:09.000 --> 00:23:15.000

There's just so many layers to this one thing I do want to talk about is okay.

00:23:15.000 --> 00:23:21.000

So this is a really big thing, right, and it has to do with with guardianships.

00:23:21.000 --> 00:23:29.000

So when you have a divorce and couple and i've only seen this happen. just a very very Oh, my gosh!

00:23:29.000 --> 00:23:41.000

Less than a handful of times. where I have a I had Let's say I have the divorce couple and let dad's not even in kids life, and Dad hasn't seen their kid in like there's no contact right kid

00:23:41.000 --> 00:23:46.000

is 10 years old. And so Mom comes to me. and mom basically says, I want to.

00:23:46.000 --> 00:24:01.000

I want to terminate ads for runner right because if I pass I don't want dad to come in and take away this this child that he's never known, and I have to tell people first of all it's

00:24:01.000 --> 00:24:07.000

terminating parental rights is is not easy it's basically it's unless a case is in the dependency proceedings.

00:24:07.000 --> 00:24:14.000

Dshs chess is involved. it's really hard so what I try to talk to people about is establishing gardenships.

00:24:14.000 --> 00:24:29.000

Where you have a will. and it will you you designate in that will. Who you want the guardian of your child to be, and it's not necessarily that's that guardianship is going to trump the parental rights But at least you're kind of

00:24:29.000 --> 00:24:36.000

establishing a framework for court and I even and let me ask you this: How often have you seen that where people come to you?

00:24:36.000 --> 00:24:43.000

And you've presented that fact. pattern pretty often people get divorced, and they say, Yeah, I don't want the X.

00:24:43.000 --> 00:24:50.000

The X is not involved in my kids lives would want somebody else to be the party, and I can do that right as the custodial parish.

00:24:50.000 --> 00:25:04.000

I have that right right to a point you've already another technically, the person with the parental rights is gonna trump that unless you can, I have seen a few times people convinced that parent to give up their parental rights, maybe maybe

00:25:04.000 --> 00:25:12.000

4 a financial settlement talk, talk them into giving up their rights, and so that they're not liable for child support.

00:25:12.000 --> 00:25:27.000

I guess. Yeah, yeah. Otherwise that parent that parent who is not involved in the child's, the children's lives does still have those very strong parental rights, and more likely, when if they wanted custody of the kids over and above the guardian that

00:25:27.000 --> 00:25:39.000

you've appointed that's kind of everything no it's kind of a scary thing, and I think it just depends, because, especially too, in terms of Washington you have the the you know parent can establish to be a de facto parent

00:25:39.000 --> 00:25:52.000

so I think there's a little bit more remedy or you could. Your guardian could at least your garden could be desert in the terms of Washington State family law court.

00:25:52.000 --> 00:26:02.000

There are avenues now where your guardian can be determined to be a parent, and thereby share rights as a parent with vile dad.

00:26:02.000 --> 00:26:14.000

Let's say, for example, but I told people the first step has to be where it has to be designated in a will, because in a way that gives some that gifts and credibility in the eyes of the court.

00:26:14.000 --> 00:26:21.000

That. Yes, as I get it, that Joe has his biological dad and has parental rights.

00:26:21.000 --> 00:26:30.000

But I'm also naming sue as my garden of the children, because Joe and then Sue would then have to go litigate what her parental rates are.

00:26:30.000 --> 00:26:32.000

The contact. You know where they're not Joe has had contact with the children.

00:26:32.000 --> 00:26:37.000

Charles abandoned the true children, so forth and so forth.

00:26:37.000 --> 00:26:41.000

But I guess my question to you would be when you're doing this this type of situation, right?

00:26:41.000 --> 00:26:57.000

You're in this you're creating a gardenship would it help if the if the person includes as part of the will naming Sue as a guardian Norway statement saying, these are the reasons why I have designated

00:26:57.000 --> 00:27:02.000

sue's my guardian, because their biological father Joe is completely out of the pitcher.

00:27:02.000 --> 00:27:08.000

He has no contact at all with the kids. And these girls consider Sue as their second mom.

00:27:08.000 --> 00:27:25.000

Yeah, I we do write that into the will when when that's how it parent feels is, say it's my strong preference that you, their biological parent, not be come the the soul not be given soul custody, but that this

00:27:25.000 --> 00:27:29.000

person i'm designating would be a better parent it's in the best interests of the child.

00:27:29.000 --> 00:27:33.000

To have this guardian appointed, and then hopefully that could be worked out.

00:27:33.000 --> 00:27:43.000

If that ever arose you know it's incredibly rare for people want to die with with minor parents thankfully, you know, we don't actually most of us don't have that much experience.

00:27:43.000 --> 00:27:54.000

Yeah, but that fact pattern which is good but I think that's the theory that at least you can hope that a judge would would factor in the best interest of the children with your input right.

00:27:54.000 --> 00:28:01.000

Right. the best interest of the children. So you do kind of write that it so it's actually written into the world.

00:28:01.000 --> 00:28:13.000

This is the preference yeah Okay, so it's not it doesn't necessarily need sworn statement attached maybe one or 2 pages going into the nitty gray of the details and such that's not required

00:28:13.000 --> 00:28:17.000

we usually keep it just a general okay state. And my practice.

00:28:17.000 --> 00:28:31.000

Yeah, and sometimes you do sometimes you have to write in I really don't want my mother-in-law to to be the Cardian like It's definitely needs to be like my brother my sister my best friend This person.

00:28:31.000 --> 00:28:35.000

Has to be the guardian because these other people would not be good with my child.

00:28:35.000 --> 00:28:44.000

Okay, I get that. Do you recommend? Okay, So if you if you have a will and well, maybe not.

00:28:44.000 --> 00:28:51.000

Then i'm just trying to think here if you have a well, i'm just in case you have a will, and you have the trust set up.

00:28:51.000 --> 00:28:58.000

I'm just trying to think if there's a if there's a reason why you'd want to update the the age of the trust with your kids.

00:28:58.000 --> 00:29:04.000

But I guess not. If the trust goes to age 25, I guess you could always come back and say, Hey, I want the trust extend to age 30?

00:29:04.000 --> 00:29:11.000

Yeah, we we usually drew, you know, in our office we we have the will, the trusts for the children.

00:29:11.000 --> 00:29:19.000

That last in definitely usually only age, appropriate. They say up until 18, generous from 18 until 30.

00:29:19.000 --> 00:29:23.000

It's kind of strict from 30 on it can be more generous again.

00:29:23.000 --> 00:29:35.000

But let the Trust just keep running. So that whenever they inherit or whatever age they're at, their trust is going to be doing the right thing for them. and even after 30, having that trust stay in place, protects your kids if they get

00:29:35.000 --> 00:29:42.000

divorced, or if they're ever involved in a lawsuit I see.

00:29:42.000 --> 00:29:53.000

Okay, yeah, that makes sense. I get that Now, what are some circumstances that you would recommend, or some situations where you'd recommend people to get their wills updated.

00:29:53.000 --> 00:29:58.000

You know. Obviously, divorce is one instance. What are some other incidents that you can think of?

00:29:58.000 --> 00:30:07.000

I can think of, maybe like buying a home find new property that's mainly when your net worth okay really goes up that sneaks up on people.

00:30:07.000 --> 00:30:11.000

You know, when we did our wills 10 years ago, we our network was under a 1,000,000.

00:30:11.000 --> 00:30:15.000

Now it's 3,000,000 and so want to add some other beneficiaries.

00:30:15.000 --> 00:30:21.000

We want to give less to our kids, maybe, or be a little bit more careful about what our kids are getting.

00:30:21.000 --> 00:30:28.000

Or if you buy a property out of state. Okay, then you definitely need to update your plan because you probably want to have a revocable living trust.

00:30:28.000 --> 00:30:40.000

Hold any out-of-state property. to avoid probate in that state, and then changing your fiduciary, so need to change your guardian or your trustee, it's easy to do you know it's.

00:30:40.000 --> 00:30:51.000

Not like. these are difficult, but those are a good reason to give your attorney a call and update your plan, because you know, things change in life, and it's the happy thing we get to do oftentimes is they people did their

00:30:51.000 --> 00:30:56.000

wills 20 years ago, and now their kids are old enough and their kids are doing great.

00:30:56.000 --> 00:31:05.000

So the kids are now going to be the backups for all of these roles, the siblings and friends that you were, you know, imposing upon to be your guardian and your trustee.

00:31:05.000 --> 00:31:08.000

They're all released. they won't have to do anything and your kids slide into that role.

00:31:08.000 --> 00:31:16.000

So we like when we get to do that type of an update wow, that's I didn't think about that Yeah, that's a good point right there.

00:31:16.000 --> 00:31:23.000

So when when I guess when our boys get good enough Then my husband, they're gonna be our have your method here.

00:31:23.000 --> 00:31:31.000

Okay, cool that's yeah, so hard you know and your kids are young right now, and but your your kids are older.

00:31:31.000 --> 00:31:38.000

Yeah, ways. Okay, and you get you get a sense. You get a sense for your kids, and you know, switch strengths.

00:31:38.000 --> 00:31:43.000

They have not everybody suited for that role. but ideally your kids, if they're your heirs ideally.

00:31:43.000 --> 00:31:56.000

They're also going to be the fiduciary so that you don't have to have somebody else deal with the hassle of of managing things for you. Well, It makes sense, and you thank you so much kunoa for

00:31:56.000 --> 00:32:10.000

joining us today and letting us you know get an inside peak at the world of estate planning rules and trust and wise, and why it's important to have this document, especially if you have kids, or even if you

00:32:10.000 --> 00:32:19.000

don't have kids, but you're looking to protect your state from of the Government taking taxes which leaves less money to your ears.

00:32:19.000 --> 00:32:25.000

Your ears, even if my gosh that whole thing that you're talking about like with a spin down where you have to spend.

00:32:25.000 --> 00:32:32.000

Now, maybe your parents have stayed so they can qualify to be eligible for Medicaid, and and services and things like that.

00:32:32.000 --> 00:32:34.000

And and how can people get a hold of? You can know what they need?

00:32:34.000 --> 00:32:42.000

Your services post-stro law com you know my website, or you if you Google, my name, my name, is unique enough.

00:32:42.000 --> 00:32:49.000

We're. i'm pretty easy to find which is good and bad no, it's all good, and Ulstrom is spelled.

00:32:49.000 --> 00:32:58.000

Oh, it r em! the word law, com and canoa, which is a what?

00:32:58.000 --> 00:33:01.000

What? what is it it's a Hawaiian What does it mean?

00:33:01.000 --> 00:33:13.000

It means the free one, which is kind of ironic that someone that charges it is not really is is called the free one, and Canola is spelled K.

00:33:13.000 --> 00:33:21.000

A N. O. A. so we've got canoa Oldstrom here, wills and wills and trust Attorney.

00:33:21.000 --> 00:33:26.000

Please contact him to protect your asset. Get things set up, get situated.

00:33:26.000 --> 00:33:34.000

Thank you so much. canola for joining us today. and Thank you all out there for listening to another episode of oakion.

00:33:34.000 --> 00:33:47.000

A lot. podcast we're in we talk about things and your sect in the areas of family law and divorce.